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China liberalizes bank lending rates in reform push
July 19, 2013 / 11:16 AM / 4 years ago

China liberalizes bank lending rates in reform push

BEIJING, July 19 (Reuters) - China’s central bank announced long-awaited interest rate reforms on Friday, scrapping the previous floor on the rates that banks charge clients for loans.

The People’s Bank of China (PBOC) also said in a statement on its website that it would remove controls over bill discount rates. It did not remove a cap on deposit rates.

The new rules come into effect on Saturday. (Reporting by Kevin Yao; Writing by Jason Subler)

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